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Charlie Company – Pick up – July 25, 2015

Recruits of Charlie Company, 1st Recruit Training Battalion, met the drill instructors responsible for transforming them into Marines July 25, 2015, on Parris Island, S.C. A small group of drill instructors looked over the recruits during their in-processing, but these drill instructors will be with them every moment for the next 12 weeks. Charlie Company is scheduled to graduate Oct. 16, 2015. (by Sgt. Jennifer Schubert and Pfc. Aaron Bolser)

published August 28, 2015 at 01:05PM via YouTube

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Universal Display Corp. Earnings Q2, 2015

Universal Display Corp. reports preliminary financial results for the quarter ended June 30, 2015.

We analyze the earnings along side the following peers of Universal Display Corporation – Au Optronics Corp. Sponsored ADR, Sony Corporation Sponsored ADR, Royal Philips NV Sponsored ADR, LG Display Co., Ltd Sponsored ADR, E. I. du Pont de Nemours and Company, MicroVision, Inc. and Kopin Corporation (AUO-US, SNE-US, PHG-US, LPL-US, DD-US, MVIS-US and KOPN-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 58.09 million, Net Earnings of USD -11.77 million, and Earnings per Share (EPS) of USD -0.25.
  • Gross margins narrowed from 74.74% to 25.19% compared to the same quarter last year, operating (EBITDA) margins now -1.71% from 49.94%.
  • Year-on-year change in operating cash flow of -12.78% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Narrowing of operating margins contributed to decline in earnings.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

Access our Ratings and Scores for Universal Display Corp.

Click here to view

Market Share Versus Profits

OLED-US‘s change in revenue this quarter compared to the same quarter last year of -9.41% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that OLED-US is holding onto its market share. Also, for comparison purposes, revenues changed by 86.06% and earnings by -995.81% compared to the immediate last quarter.

Earnings Growth Analysis

The company’s year-on-year decline in earnings was influenced by a weakening in gross margins from 74.74% to 25.19%, as well as issues with cost controls. As a result, operating margins (EBITDA margins) went from 49.94% to -1.71% in this time frame. For comparison, gross margins were 61.20% and EBITDA margins were 16.73% in the previous period.

Gross Margin Trend

Companies sometimes sacrifice improvements in revenues and margins in order to extend friendlier terms to customers and vendors. Capital Cube probes for such activity by comparing the changes in gross margins with any changes in working capital. If the gross margins improved without a worsening of working capital, it is possible that the company’s performance is a result of truly delivering in the marketplace and not simply an accounting prop-up using the balance sheet.

OLED-US‘s decline in gross margins has not produced any significant offsetting improvement in its working capital . This leads Capital Cube to conclude that the decline in gross margins are likely from operating issues and not trade-offs with the balance sheet. Working capital days are currently 574.13 days, compared to last year’s level of 465.21 days.

Cash Versus Earnings – Sustainable Performance?

OLED-US‘s change in operating cash flow of -12.78% compared to the same period last year is about the same as its change in earnings this period. Additionally, this change in operating cash flow is about average among its peer group. This suggests that the company did not use accruals or reserves to manage earnings this period, and that, all else being equal, the earnings number is sustainable.

Margins

The company’s decline in earnings has been influenced by the following factors: (1) Decline in operating margins (EBIT margins) from 44.97% to -7.71% and (2) one-time items that contributed to a decrease in pretax margins from 45.24% to -7.41%

Access our Ratings and Scores for Universal Display Corp.

Click here to view

Company Profile

Universal Display Corp. is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials to display displays for wearables, smartphones, tablets and televisions, as well as solid-state lighting applications. The company develops and licenses its proprietary OLED technologies to manufacturers of products for display applications, such as cell phones, portable media devices, tablets, laptop computers and televisions, and specialty and general lighting products. Universal Display was founded by Sherwin I. Seligsohn in April 1985 and is headquartered in Ewing, NJ.

CapitalCube does not own any shares in the stocks mentioned and focuses solely on providing unique fundamental research and analysis on approximately 50,000 stocks and ETFs globally. Try any of our analysis, screener or portfolio premium services free for 7 days. To get a quick preview of our services, check out our free quick summary analysis of OLED-US.

The post Universal Display Corp. Earnings Q2, 2015 appeared first on CapitalCube.

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